Offshore Transfers IBAN Regulations
What you need to know to send money abroad.
Sending International payments
You will often need to quote an International Bank Account Number (IBAN) reference for international payments. Sometimes you may have to give additional details including the reason for the payment or the beneficiary’s full name and address. It depends on the payment destination. The exact information will be confirmed when the payment is sent.
You’ll need to use the IBAN and the SWIFTBIC (BIC) if you’re making payments in euro (EUR) to:
- any EU member state
- San Marino
- The receiving bank may return or reject the payment
- There will be an extra £7 charge on the payment
Unless you make the payment via SEPA Credit Transfer, a sort code and account number are enough.
NON EURO PAYMENTS
- Albania, Algeria, Andorra, Angola, Bahrain, Georgia, Jordan, Kazakhstan, Kuwait, Lebanon, Madagascar, Moldova, Monaco, Montenegro, Pakistan, Palestine, Qatar, Saudi Arabia, Serbia, Switzerland, Tunisia, Turkey and the United Arab Emirates (UAE)
HOW TO GET IBAN and SWIFTBIC (BIC) DETAILS
The payment beneficiary should be able to give you their IBAN and SWIFTBIC (BIC). These details may also appear on their bank statements.
USING IBAN TO RECEIVE PAYMENTS IN EURO (EUR)
If you want to receive payments from Europe in Euro (EUR), you will need to make sure your payer has details of your IBAN and relevant Barclays SWIFTBIC (BIC).
You can find this information at the top right-hand side of your bank statement, or get it from your Relationship Manager or the International Banking Centre.
FINANCIAL ACTION TASK FORCE SPECIAL RECOMMENDATION VII (FATF SRVII)
International payments now need to include the name, account number and address of the remitter as part of the payment message sent to the beneficiary bank. We will do this for you, automatically.
The information is required in order to comply with the European Union regulation on information accompanying transfers of funds, and FATF SRVII. This regulation lays down rules on information on the payer to accompany transfers of funds for the purposes of the prevention, investigation, and detection of money laundering and terrorist financing.
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